The AMT credit allows a taxpayer to reduce his/her tax bill after a year in which they were subject to AMT. Here's how you can enter the appropriate amount of that credit in Holistiplan.
When a taxpayer is subject to AMT in a given year, they earn an AMT credit for use in future years when their tax liability as determined by the standard tax calculation exceeds the AMT calculation.
When that happens, the taxpayer can use the AMT credit to lower their standard tax amount to that of the AMT tentative minimum tax, effectively reducing their tax bill.
While Holistiplan does not currently calculate the AMT credit, you can enter any AMT credits as a nonrefundable credit in the "Other Nonrefundable Credits" field.
If you know your client has an AMT credit amount, check to see if your scenario results in AMT. You can see this by looking at the AMT row, which is the last row of the Income section. If the amount in the AMT field is $0, you can use some of your AMT credit.
Click the calculator icon next to the $0 in the AMT row. This will bring up the line-by-line calculation of Form 6251, which is used to calculate AMT.
Subtract the amount listed for Line 9 (tentative minimum tax under the AMT system) from Line 10 (standard tax liability). This is the maximum amount of AMT credit you can use in the current scenario.
In the example above, the taxpayer could use $8,948 [$71,453 (Line 10) - $62,505 (Line 9) on Form 6251] of any AMT credit that had been generated in previous years.
Enter this amount in the "Other Nonrefundable Tax Credits" field of the Nonrefundable Tax Credits section. Be sure to delete any amounts that may be in the "Nonrefundable Tax Credits (Calculation Override)" field.
Holistiplan does not maintain the amounts of unused AMT credit that can be used in future years, so you will want to keep track of that elsewhere for use in future scenarios.